Caterpillar Inc. reported record first-quarter 2004 sales and revenues of $6.47 billion and record first-quarter profit per share of $1.16.

Sales and revenues of $6.47 billion were up 34% compared to $4.82 billion in the first quarter of 2003.
Profit of $412 million or $1.16 per share was up $283 million compared to $129 million or $0.37 per share in the first quarter of 2003.
"We have made tremendous productivity gains in the last few years, and we continue to benefit from a lean and efficient workforce," said Caterpillar Chairman and CEO Jim Owens. "In our previous outlook, we expected sales and revenues to increase about 12% and profit per share to be up about 40% compared to 2003. We now expect sales and revenues to increase about 20% and profit per share to be up 65 to 70% compared to 2003," Owens said.
Included in this outlook are worldwide machine price increases of 2 to 3% that have been communicated to dealers with an effective date of July 1, 2004.
The outlook also factors in a timely ratification of a new 6-year labor agreement between Caterpillar and the United Auto Workers.
"We have made solid progress in our negotiations with representatives of the United Auto Workers, resulting in a contract offer that is fair to all employees. Our priority, as it always has been, is to continue to supply and support our customers and dealers," said Owens.
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